Tron price analysis: Bears might take TRX below $0.0145

Tron price fell on August 28 when a strong bearish spell moved TRX to 0.015 dollars. Tron price then made it to the region between 0.0145 dollars and 0.016 dollars range.

This makes it evident that neither the bulls nor the bears have had a say in where the price may start moving again.

The bulls have been trying to move TRX price past the 0.016 dollars mark. They have tried to reach the resistance thrice but have failed in their effort, not once testing the 0.016 dollars mark. September 5 had the bears on adrenaline. They tried to make it past 0.0145 dollars but were, unsuccessful.

Tron price, at the time of writing, is 0.01561469 dollars. The twenty-four (24) hour volume for Tron amounts to six hundred and sixty-nine million dollars ($669,727,838). TRX still has dominant in the market with a market cap of one billion dollars ($1,033,139,220).

If the bears make it past the 0.0145 dollars support mark then we can expect TRX to make a stop at0.0135 dollars after which Tron price will stabilize itself at 0.012 dollars.

Tron price needs to find firm footing and quick

The TRX price low is at 0.01522388 dollars and a high at 0.01609875 dollars in the twenty-four (24) hour time-frame. This leaves us with only one question that if the bulls can make it past the 0.016 dollars resistance by the end of this week as well?

If the bulls fail in their ordeal, TRX price will be moving downwards. Breaking the 0.016 dollars mark will ensure that the price moves up to 0.018 dollars, retesting the resistance.

Technical indicators are signaling a sell signal for Tron price. The twelve (12) day exponential moving average (EMA) also acts as a resistance mark for Tron price. The relative strength index is running at twenty-nine (29)- way below fifty (50)-this makes up for a bearish future for TRX.

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About The Author

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.